43-101 Resource Estimate

On September 13, 2017 Oceanus reported an independent Mineral Resource Estimate for the El Tigre Property completed by P&E Mining Consultants Inc. ("P&E") which is detailed in the table below. The El Tigre Mineral Resource Estimate includes extensions of the historical El Tigre and Seitz Kelly Veins1, as well as the mineralized breccia halo around the El Tigre Vein. The Fundadora Mineral Resource Estimate includes the Aquila, Fundadora, Protectora and Caleigh Veins2.

El Tigre Project Mineral Resource Estimate (1-11)

Resource Area

Class

AuEq g/tCut-Off

Tonnes(000’s)

Agg/t

Ag ozs(000’s)

Aug/t

Au ozs(000’s)

Au Eq g/t

AuEq ozs(000’s)

El Tigre
Constrained
Pit1

Indicated

0.20

25,170

15

11,906

0.51

416

0.69

559

Inferred

0.20

2,791

12

1,093

0.38

34

0.52

47

El Tigre
Underground1

Indicated

1.50

207

156

1,041

0.46

3

2.33

16

Inferred

1.50

11

82

29

1.27

0

2.26

1

Fundadora
Constrained
Pit2

Indicated

0.20

451

167

2,428

0.93

14

2.94

43

Inferred

0.20

1,774

150

8,554

0.69

39

2.49

142

Fundadora
Underground2

Indicated

1.50

80

118

306

1.03

3

2.45

6

Inferred

1.50

2,003

140

9,044

0.60

38

2.28

147

Sub Total Indicated

0.20, 1.50

25,908

19

15,681

0.52

436

0.75

624

Sub Total Inferred

0.20, 1.50

6,579

89

18,720

0.52

111

1.59

337

El Tigre
Tailings3

Indicated

0.37

939

78

2,345

0.27

8

1.21

37

Inferred

0.37

101

79

254

0.27

1

1.22

4

Total Indicated

0.20,0.37,1.50

26,847

21

18,026

0.51

444

0.77

661

Total Inferred

0.20,0.37,1.50

6,680

88

18,974

0.52

112

1.59

341

Notes to El Tigre Project Mineral Resource Estimate:

(1) El Tigre Deposit Mineral Resources are comprised of the El Tigre and Seitz Kelly Veins.(2) Fundadora Deposit Mineral Resources are comprised of the Aquila, Fundadora, Protectora and Caleigh Veins.(3) El Tigre Tailings Deposit Mineral Resources are comprised of the tailings from the former El Tigre operation.(4) Mineral Resources are reported within a constraining pit shell.(5) The Mineral Resource Estimate is reported in accordance with the Canadian Securities Administrators National Instrument 43-101 and has been estimated using the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and CIM “Definition Standards for Mineral Resources and Mineral Reserves.(6) Au:Ag ratio = ($1250/$17)/(70% Ag Rec/80% Au Rec)= 84:1 Therefore, AuEq=(Ag/84) + Au(7) Mineral Resources in this estimate are based on approx. two year trailing average metal prices of US$1,250 oz Au and US$17 /oz Ag, estimated process recoveries 80% Au and 70% Ag, US$5.70/t process cost and US$0.80/t G&A cost. Mining costs of US$1.55/t for open pit and $45/t for underground and tailings mining costs of US$5.50/t were used to derive the respective Mineral Resource Estimate AuEq cut-offs of 0.20 g/t and 1.5 g/t and 0.37g/t. Pit optimization slopes were 50 degrees(8) The Mineral Resource Estimate uses drill hole data available as of September 1, 2017. (9) Totals may not add correctly due to rounding.(10) An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.(11) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.

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